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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (187)2/27/1998 5:50:00 PM
From: Colin Cody  Respond to of 1383
 
Great News! IRS responds to my inquiry on contradictions in the law and how they want taxpayers to file when electing Trader Status Mark-To-Market.
.
I wrote to them on the 17th and after 10 days of working the IRS responded this afternoon. I'll share their response here:
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IRS REPLY
Unfortunately, at this time, we do not have the full information available regarding the new tax laws. The Internal Revenue Service will issue further guidance on the new tax provisions at a later time and also will revise tax forms, instructions, and publications, as necessary, to address the changes in the tax law. The entire text of the new law is not available through our web site. However, you may wish to check the following web site of the Library of Congress for research (NOTE: The following is a Internet site; you may want to visit to find your information; but the Internal Revenue Service does not endorse any Internet sites but their own): thomas.loc.gov

The IRS's new homepage on the World Wide Web went
on-line in January. To access IRS information available
on-demand, 24 hours a day, point your browser to our web
site at irs.ustreas.gov. Even the most novice
internet user will find our homepage easy to navigate.
Written in a simple, user-friendly format, the web site
offers a variety of information and services for both
individual and business taxpayers.

This message was answered by irsnash13.
CAT7



To: Colin Cody who wrote (187)2/27/1998 5:56:00 PM
From: mod  Read Replies (1) | Respond to of 1383
 
Colin, you don't net the schedule C's. They are for separate businesses. Each person has a trading business and a consulting business. You can have a loss in the trading business, and still have earned income and a profit and set up a SEP-IRA in the other consulting business.

I'm not sure how you ended up with a loss of $370,000 net, that loss should only be trading expenses. So maybe I am missing your point here.

Dennis


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